Murphy Oil Corporation (MUR - Free Report) is slated to report first-quarter 2023 financial results on May 3 before market open. The company delivered an earnings surprise of 0.92% in the last reported quarter.
Let’s discuss the factors that are likely to have impacted the quarterly performance.
Factors to Consider
Murphy Oil’s first-quarter results are likely to have benefited from the company’s accretive acquisitions in the Gulf of Mexico region. However, planned downtime of 7.1 thousand barrels of oil equivalent per day (MBOEPD) for maintenance of assets in the Gulf of Mexico is likely to have impacted production volumes. Murphy Oil’s ongoing debt-reduction initiatives are expected to have lowered capital servicing expenses, thus boosting margins in the first quarter.
First-quarter exploration expenses for the company will be a tad higher than the year-ago level due to an increase in exploration activities. A drop in realized prices of commodities compared with the previous year’s quarter might have adversely impacted first-quarter earnings.
Expectations
The Zacks Consensus Estimate for first-quarter 2023 sales is pegged at $754.05 million, indicating a jump of 36.37% from the year-ago reported figure. The consensus estimate for first-quarter earnings per share is pegged at 95 cents, implying an improvement of 30.14% from the year-ago reported figure.
Murphy Oil anticipates first-quarter production in the range of 161-169 MBOEPD. Out of the expected production, 56% is expected to be oil. The Zacks Consensus Estimate for first-quarter production volume is 169 MBOEPD.
What Our Quantitative Model Predicts
Our proven model does not conclusively predict an earnings beat for Murphy Oil this time. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the chances of an earnings beat, which is not the case here, as you will see below.
Earnings ESP: Murphy Oil has an Earnings ESP of -1.23%. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Zacks Rank: MUR currently carries a Zacks Rank #3.
Stocks to Consider
Investors can consider the following players from the same industry that have the right combination of elements to beat on earnings this reporting cycle.
Cheniere Energy, Inc. (LNG - Free Report) is likely to come up with an earnings beat when it reports first-quarter results on May 2, before market open. Cheniere Energy has an Earnings ESP of +11.15% and a Zacks Rank #3 at present.
Long-term (three- to five-year) earnings growth of Cheniere Energy is pegged at 30.88%. The Zacks Consensus Estimate for LNG’s 2023 EPS reflects 187.8% increase year over year.
EOG Resources, Inc. (EOG - Free Report) is scheduled to release first-quarter 2023 numbers on May 4. EOG currently has an Earnings ESP of +0.58% and a Zacks Rank #3. You can see the complete list of today’s Zacks #1 Rank stocks here.
Long-term earnings growth of the company is currently pegged at 28.65%. The Zacks Consensus Estimate for 2023 earnings of EOG Resources implies year-over-year decline of 14.53%.
Permian Resources Corporation (PR - Free Report) is scheduled to release first-quarter 2023 numbers on May 8. PR has an Earnings ESP of +2.33% and a Zacks Rank #3.
The Zacks Consensus Estimate for 2023 earnings of PR implies year-over-year growth of 29.53%.
Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.
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Murphy Oil Corporation (MUR - Free Report) is slated to report first-quarter 2023 financial results on May 3 before market open. The company delivered an earnings surprise of 0.92% in the last reported quarter.
Let’s discuss the factors that are likely to have impacted the quarterly performance.
Factors to Consider
Murphy Oil’s first-quarter results are likely to have benefited from the company’s accretive acquisitions in the Gulf of Mexico region. However, planned downtime of 7.1 thousand barrels of oil equivalent per day (MBOEPD) for maintenance of assets in the Gulf of Mexico is likely to have impacted production volumes. Murphy Oil’s ongoing debt-reduction initiatives are expected to have lowered capital servicing expenses, thus boosting margins in the first quarter.
First-quarter exploration expenses for the company will be a tad higher than the year-ago level due to an increase in exploration activities. A drop in realized prices of commodities compared with the previous year’s quarter might have adversely impacted first-quarter earnings.
Expectations
The Zacks Consensus Estimate for first-quarter 2023 sales is pegged at $754.05 million, indicating a jump of 36.37% from the year-ago reported figure. The consensus estimate for first-quarter earnings per share is pegged at 95 cents, implying an improvement of 30.14% from the year-ago reported figure.
Murphy Oil anticipates first-quarter production in the range of 161-169 MBOEPD. Out of the expected production, 56% is expected to be oil. The Zacks Consensus Estimate for first-quarter production volume is 169 MBOEPD.
What Our Quantitative Model Predicts
Our proven model does not conclusively predict an earnings beat for Murphy Oil this time. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the chances of an earnings beat, which is not the case here, as you will see below.
Earnings ESP: Murphy Oil has an Earnings ESP of -1.23%. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Zacks Rank: MUR currently carries a Zacks Rank #3.
Stocks to Consider
Investors can consider the following players from the same industry that have the right combination of elements to beat on earnings this reporting cycle.
Cheniere Energy, Inc. (LNG - Free Report) is likely to come up with an earnings beat when it reports first-quarter results on May 2, before market open. Cheniere Energy has an Earnings ESP of +11.15% and a Zacks Rank #3 at present.
Long-term (three- to five-year) earnings growth of Cheniere Energy is pegged at 30.88%. The Zacks Consensus Estimate for LNG’s 2023 EPS reflects 187.8% increase year over year.
EOG Resources, Inc. (EOG - Free Report) is scheduled to release first-quarter 2023 numbers on May 4. EOG currently has an Earnings ESP of +0.58% and a Zacks Rank #3. You can see the complete list of today’s Zacks #1 Rank stocks here.
Long-term earnings growth of the company is currently pegged at 28.65%. The Zacks Consensus Estimate for 2023 earnings of EOG Resources implies year-over-year decline of 14.53%.
Permian Resources Corporation (PR - Free Report) is scheduled to release first-quarter 2023 numbers on May 8. PR has an Earnings ESP of +2.33% and a Zacks Rank #3.
The Zacks Consensus Estimate for 2023 earnings of PR implies year-over-year growth of 29.53%.
Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.
Free Report Reveals How You Could Profit from the Growing Electric Vehicle Industry
Globally, electric car sales continue their remarkable growth even after breaking records in 2021. High gas prices have fueled his demand, but so has evolving EV comfort, features and technology. So, the fervor for EVs will be around long after gas prices normalize. Not only are manufacturers seeing record-high profits, but producers of EV-related technology are raking in the dough as well. Do you know how to cash in? If not, we have the perfect report for you – and it’s FREE! Today, don't miss your chance to download Zacks' top 5 stocks for the electric vehicle revolution at no cost and with no obligation.
>>Send me my free report on the top 5 EV stocks<<
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